The Audit Report and Internal Control EvaluationName:InstitutionThe Audit Report and Internal Control EvaluationReport of Independent Registered Auditing FirmTo the Board of Directors and ShareholdersApollo Shoes Inc.ABC firm has audited the financial statements of Apollo Shoes Inc. for the year ended December 31, 2007 and 2006. The statements under focus included the company’s balance sheets, statements of income and cash flows, retained earnings in addition to other related statements. It is however important to note that Apollo Shoes’ management bears responsibility for compliance of the company’s internal controls (Kimmel, Weygandt & Keiso, 2009). All the same, ABC company undertook the audit of the company’s financial reporting internal controls in accordance with criteria of Committee of Sponsoring Organizations of the Treadway Commission (COSO) and established reliable and precise outlooks regarding the financial statements of Apollo Shoes as of December 31, 2007 and 2006 and management capability of financial reporting internal control.Our company’s audit was undertaken in compliance with standards of the United States Public Company Accounting Oversight Board, which necessitate practical reassurance of whether or not financial statements are free of material misstatements in addition to determining if financial reporting in...